Clause 16

by deleting “31%” in subsection (1) and substituting “30%”;

by inserting, immediately after subsection (8), the following subsection:“(8A) Where any company has been convicted of an offence for failing to comply with subsection (8), the Comptroller may, by notice in writing, require the company to render to him, within such reasonable time as may be specified in the notice, the statement referred to in subsection (8).”;

by inserting, immediately after subsection (11A), the following subsection:“(11B) Notwithstanding anything in this Act, where tax on any dividend paid in 1992 has been deducted at the rate of 31% —

the amount of such dividend received by a shareholder shall be deemed to have been paid without deduction of tax and to be a dividend of such a gross amount as after deduction of tax at the rate of 30% would be equal to the net amount paid; and a sum equal to the difference between such gross amount and the net amount paid shall be deemed to have been deducted from the dividend as tax; and

the difference between the amount of the tax deducted at 31% from such dividend and the amount deemed to have been so deducted under paragraph (a) shall be added to the balance on the 1st day of the year of assessment 1993 and deemed to be a part thereof.”; and

by deleting paragraph (f) of subsection (12) and substituting the following paragraph:“(f)tax assessed excludes —

tax assessed at the rate of 10% or such other rate as may be prescribed under section 43(3);

tax assessed at the rate of 10% or such other concessionary rate as may be prescribed under section 43A, 43C, 43D, 43E, 43F, 43G, 43H, 43I, 43J or 43K, or section 19B of the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86); and

tax in respect of any year of assessment prior to the year of assessment 1987;”.